Last year Vs. this year

Last year there was a shortage of homes for sale. This year there is more of a shortage of homes for sale.

Last year people were making offers that did not include inspection contingencies. For some, it gave their offer an advantage over the competition.

Last year people were making offers on houses without touring them in person. Mainly because of the pandemic but with rules about overlapping showings there are not enough hours in the day for all interested buyers to tour the home in person.

This year people are still making non-contingent offers and people are still making offers before they see the house. Homebuyers are also making offers on houses that are listed as “coming soon”.

Under our MLS rules, those houses can not be shown to buyers but sellers can accept offers anytime.

The idea behind “coming soon” is pre-marketing which works really well in a hot market where there are more buyers than sellers.

2021 is a great year to sell a house quickly and for top dollar. Buying a house is a little more difficult. There is a 1.6 month supply of homes for sale in the 7 county metro area and a 1.7 month supply in the region and in St. Paul.

The median number of days on market is around 16. This number often includes a 5 to 10 day inspection period but does not include a “coming soon” period of up to 21 days.

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